When divorce is inevitable, making the right financial decisions is critical. However, lack of financial knowledge frequently drives people to agree to a divorce settlement they may not fully understand or may regret in the future. Once a divorce settlement has been signed, it is very difficult to change it.
We help clients understand the long-term effects of their divorce settlement. Decisions made during a divorce are often the result of legal negotiations that take place at a time when emotions are at an all-time high. One of the most difficult things to deal with when going through a divorce is separating these emotions from the task at hand.
Planning for your future as well as your children's is an essential part of every divorce settlement. Establishing a team to help you through this difficult period is paramount to your well-being.
- Take control of the divorce process
- Gain a clear understanding of your current financial picture
- Gain a clear understanding of your future financial picture
- Be more focused on reaching a fair and workable settlement
- Negotiate more effectively
- Ensure a faster resolution of all financial matters, equitably, for both spouses
- Minimize legal fees
- Minimize taxes
- Maximize marital assets
Steps in the Process
REVIEW CURRENT SITUATION
- Compile, Organize, and Value Assets
- Analyze Liabilities
- Estimate Immediate Needs
- Prepare Statements of Net Worth
- Develop Realistic Budgets
LONG TERM PLANNING
- Discuss and Prioritize Goals
- Estimate Career Training Cost and Time Horizon
- Estimate Future Earning Potentials
- Estimate College and Educational Costs
- Compare After-Tax Asset Sales
- Project Retirement Needs
- Analyze Insurance Needs
DIVORCE SETTLEMENT ANALYSIS
- Look at After-Tax Proposed Settlements
- Estimate Maintenance Needs
- Analyze Long Term Cash Flow and Net Worth
- Compare and Contrast Settlement Proposals
- Develop Alternate Settlement Proposals
POST DIVORCE
- Oversee Asset Transfers
- Set Up Budgeting and Money Management Systems
- Manage Investments
- Monitor Results
- Update Plans